Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.21.1
Leases
3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Leases

NOTE 9 — LEASES

 

The Company leases its facilities under a long-term operating lease agreement expiring in October 2022. The tables below show the operating lease right-of-use assets and operating lease liabilities as of December 31, 2020 and the balances as of March 31, 2021, including the changes during the periods:

 

    Operating lease right-of-use assets  
Net right-of-use assets at December 31, 2020     430,795  
Less amortization of operating lease right-of-use assets     (54,179 )
Operating lease right-of-use assets at March 31, 2021   $ 376,616  

 

    Operating lease liabilities  
At December 31, 2020   $ 491,565  
Less principal payments on operating lease liabilities     (60,710 )
Operating lease liabilities at March 31, 2021     430,855  
Less non-current portion     (168,254 )
Current portion at March 31, 2021   $ 262,601  

 

As of March 31, 2021, the Company’s operating leases have a weighted-average remaining lease term of 1.6 years and a weighted-average discount rate of 8.9%.

 

As of March 31, 2021, future minimum payments during the next five fiscal years and thereafter are as follows:

 

Year Ending December 31,   Amount  
2021 (nine months)   $ 217,156  
2022     246,650  
Total     463,806  
Less present value discount     (32,951 )
Operating lease liabilities   $ 430,855  

 

Total lease expense was approximately $86,000 and $84,000, respectively, for the three month periods ended March 31, 2021 and 2020. Lease expense was recorded in cost of product sales, general and administrative expenses, research and development and sales and marketing expenses.